Investors Buy Newmont Mining (NEM) on Weakness
Traders bought shares of Newmont Mining Corp (NYSE:NEM) on weakness during trading hours on Thursday. $95.82 million flowed into the stock on the tick-up and $38.33 million flowed out of the stock on the tick-down, for a money net flow of $57.49 million into the stock. Of all equities tracked, Newmont Mining had the 30th highest net in-flow for the day. Newmont Mining traded down ($0.42) for the day and closed at $36.61
Several equities research analysts recently weighed in on the company. B. Riley restated a “neutral” rating on shares of Newmont Mining in a research note on Wednesday, November 1st. Zacks Investment Research cut Newmont Mining from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 19th. Scotiabank set a $48.00 target price on Newmont Mining and gave the stock a “buy” rating in a research note on Monday, January 15th. TD Securities set a $42.00 target price on Newmont Mining and gave the stock a “hold” rating in a research note on Thursday, October 19th. Finally, TheStreet cut Newmont Mining from a “b-” rating to a “c” rating in a research note on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $41.95.
The company has a current ratio of 4.18, a quick ratio of 3.58 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $19,530.00, a P/E ratio of 52.30 and a beta of 0.24.
A number of hedge funds and other institutional investors have recently modified their holdings of NEM. Numeric Investors LLC purchased a new stake in Newmont Mining in the second quarter valued at approximately $428,000. QS Investors LLC increased its holdings in shares of Newmont Mining by 10.3% in the second quarter. QS Investors LLC now owns 18,952 shares of the basic materials company’s stock valued at $614,000 after purchasing an additional 1,774 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of Newmont Mining by 93.0% in the second quarter. Cubist Systematic Strategies LLC now owns 44,809 shares of the basic materials company’s stock valued at $1,451,000 after purchasing an additional 21,594 shares during the period. Moors & Cabot Inc. increased its holdings in shares of Newmont Mining by 4.3% in the second quarter. Moors & Cabot Inc. now owns 14,189 shares of the basic materials company’s stock valued at $453,000 after purchasing an additional 589 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Newmont Mining by 11.5% in the second quarter. The Manufacturers Life Insurance Company now owns 614,233 shares of the basic materials company’s stock valued at $19,894,000 after purchasing an additional 63,186 shares during the period. Institutional investors own 81.97% of the company’s stock.
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About Newmont Mining
Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.
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